Nikkei India Manufacturing slows to 52.3 in August

01 Sep 2015 Evaluate

Adding worries to the government and the policy makers, after the slow growth of the core sector, manufacturing sector too grew at a slower pace in August, as order flow turned sluggish and forced the companies to cut prices. The Nikkei India Manufacturing PMI -- a composite monthly indicator of manufacturing performance -- stood at 52.3 in August, down from a six-month high figure of 52.7 in July, indicating a slower pace of growth in the sector.

The data pointed to weaker rates of expansion for both output and new orders due to downward movement in the headline index were there was softer increases in output, new orders and stocks of purchases. New order growth also moderated in August, reflecting weaker improvements in both domestic and foreign demand.

Employment levels stagnated over the month and manufacturing employment was unchanged in August, with respondents indicating that hiring had been stymied by relatively weak growth and economic uncertainty. Nonetheless, companies were able to lower their levels of outstanding business in August.

The survey however pointed that manufacturing production across India rose further in August supported by sustained demand growth amid evidence of increased production requirements and efforts to replenish stocks, Indian manufacturers raised their buying levels in August. Purchasing activity grew at a sharp rate that was the quickest in 2015 so far. On the price front, input costs decreased for the first time in six months and, subsequently, firms lowered their selling prices.

Industry wise, the consumer goods category outperformed the capital and intermediate goods sub-sectors in terms of growth of output, new orders and buying levels. Reflecting lower prices paid for metals, plastics, chemicals and petroleum-based products, average costs faced by Indian manufacturers fell in August.

There was increase in both output and new orders, albeit a slower one, the output growth is likely to rebound in coming months, as indicated by buying levels coupled with a record drop in stocks of finished goods. Stocks of finished goods witnessed sharpest pace of drop in survey history

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